# Western Alliance Bancorporation (WAL)

> Source: Nexqual · https://nexqual.com/WAL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Western Alliance Bancorporation (WAL), nexqual.com/WAL" · informational, not investment advice.

**Price:** USD 76.67 (+1.48% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 75.55 · day 75.22–77.11 · 52w 65.82–97.23 · market cap $8.36B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.93B, net income $983M (25.0% margin) (SEC filings).
- Valuation: P/E 8.5x (avg 10.3x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold WAL (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (15 analysts), mean target USD 89.69 (range 84–96).
- Total return with dividends: 1Y +1.5% vs S&P 500 +14.9%; 5Y -30.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-19, EPS estimate USD 2.5, revenue estimate $980M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.95B | $2.54B | $2.62B | $3.16B | $3.54B | $3.93B |
| Net income | $899M | $1.06B | $722M | $788M | $969M | $983M |
| EPS (diluted) | $8.67 | $9.70 | $6.54 | $7.09 | $8.73 | — |
| Net margin | 46.0% | 41.6% | 27.6% | 24.9% | 27.3% | 25.0% |
| Revenue growth | +57.8% | +30.1% | +3.1% | +20.7% | +12.0% | — |
| Cash + short-term investments | $516M | $1.04B | $1.58B | $4.10B | $3.60B | — |
| Total debt | $1.50B | $6.30B | $7.23B | $5.57B | $5.24B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 8.5x · P/S 2.1x · P/B 1.1x · Earnings yield 11.76% · Buyback yield (TTM) 1.44%
P/E at fiscal year-ends: Dec 2025 9.5x, Dec 2024 11.6x, Dec 2023 9.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold WAL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 0.81% | $3.4M | Reduced -24.4% |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 15 analysts; mean target USD 89.69 (low 84, high 96).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Stephens & Co. | Target lowered | Overweight | $94 → $88 |
| 2026-10-21 | Keefe, Bruyette & Woods | Target lowered | Outperform | $92 → $90 |
| 2026-10-21 | JP Morgan | Target lowered | Neutral | $90 → $85 |
| 2026-10-09 | RBC Capital | Target lowered | Outperform | $95 → $93 |
| 2026-10-09 | Truist Securities | Target lowered | Buy | $93 → $84 |
| 2026-10-05 | Barclays | Target raised | Overweight | $88 → $93 |
| 2026-10-05 | TD Cowen | Target lowered | Hold | $90 → $85 |
| 2026-10-01 | JP Morgan | Target lowered | Neutral | $93 → $90 |
| 2026-09-30 | Wells Fargo | Target lowered | Equal-Weight | $90 → $84 |
| 2026-09-22 | Citigroup | Target lowered | Buy | $98 → $95 |
| 2026-09-22 | Raymond James | Initiated | Outperform | $90 |
| 2026-08-10 | Wells Fargo | Target raised | Equal-Weight | $79 → $90 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +1.5% | -30.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.5% | -6.9% |
| Volatility (annualized) | 32.6% | 53.0% |
| Max drawdown | -30.3% (Feb 2026→Mar 2026) | -77.3% (Jan 2022→May 2023) |

## Peers (Banks - Regional)
BBD (Banco Bradesco Sa) USD 3.95 -2.47% · FITB (Fifth Third Bancorp) USD 53.23 +0.80% · DB (Deutsche Bank AG) USD 31.48 -2.39% · TFC (Truist Financial Corporation) USD 48.42 +1.45% · NWG (NatWest Group plc) USD 16.99 -2.30% · NU (Nu Holdings Ltd.) USD 14.73 -2.13%

## More
Full page: https://nexqual.com/WAL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-10-19)

- "Net charge-offs declined 7 basis points quarterly to 0.30%, the midpoint of our 2026 guidance range."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.50 | $2.67 | -6.2% | $980.5M | 13 |
| Next quarter (ends 2027-03-31) | $2.40 | $2.57 | -6.7% | $994.6M | 9 |
| Current fiscal year (ends 2026-12-31) | $8.75 | $9.12 | -4.0% | $3.99B | 13 |
| Next fiscal year (ends 2027-12-31) | $10.74 | $11.35 | -5.4% | $4.17B | 13 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 34.1% | ±7.9% |
| 2026-12-18 | 56 | 33.1% | ±10.5% |
| 2027-01-15 | 84 | 32.9% | ±12.7% |
| 2027-03-19 | 147 | 34.7% | ±17.5% |
| 2027-05-21 | 210 | 34.8% | ±20.9% |
| 2027-06-17 | 237 | 35.5% | ±22.6% |
| 2027-08-20 | 301 | 36.2% | ±25.8% |
| 2027-11-19 | 392 | 36.9% | ±29.7% |